The invention relates to a fine-grain ferrite + pearlite type N80-1 non-quenched and tempered seamless oil bushing. The components of the oil bushing comprise 0.35-0.40mass% of C, 0.20-0.35mass% of Si, 1.55-1.75mass% of Mn, 0.020mass% or less of P, 0.010mass% or less of S, 0.20mass% or less of Cu, 0.10mass% or less of Ni, 0.30mass% or less of Cr, 0.05mass% or less of Mo, 0.105-0.145mass% of V, 0.02mass% or less of Nb, 0.005-0.025mass% of Ti, 0.0085-0.0140mass% of N, and the balance Fe and inevitable impurities, wherein the sum of the mass percentages of As, Sn, Pb, Sb and Bi is not greater than 0.050%. A production method of the oil bushing comprises a step of blank material heating, a step of perforating, a step of tube rolling, a step of phase transition recrystallization and temperature-controlled crude tube cooling to 500DEG C or less, a step of reheating for controlling the furnace temperature in a range of 900-950DEG C, a step of sizing or reducing, and a step of air cooling. The method avoids the large maneuverability difficulty of the control of the steel tube deformation parameters and the cooling speed, effectively controls the phase transition recrystallization and the reheating furnace temperature through the reasonable matching and addition of alloy elements, and refines and improves the structure through fully utilizing the carbonitride precipitating effect of V in austenite in order to improve the toughness without reducing or substantially reducing the strength.